CapitaLand Ascendas REIT

The distribution income of $331.1 million and GPU of 7.477 cents are stable. Investment properties increased to $16.83 billion. Our portfolio occupancy remained high at 91.8% and we achieved high rental reversion of 9.5% for leases renewed in the first half. Dairy is healthy at 37.4% and cost of debt is stable at 3.7%. Diving into the financials, gross revenue in the first half decreased by about 2% to $755 million dollars. and some of the reasons were due to the divestment of some properties in Singapore, Australia, and the US. However, the contribution from newly acquired DHL Logistics property in the US helped to mitigate the decline. NPI declined slightly by 0.9% to $1 billion due to lower operating expenses. and distribution income was stable at $331.1 million. D2O declined slightly to 7.477 cents due to an increase in the units. When we compare first half 2025 versus second half of 2024, Gross revenue increased slightly to $765 million, mainly attributable to the acquisition of DHL, a logistics property in the U.S., and partially offset by the divestment of 21 giant boards in Singapore and top-side business space property in the U.S. So NPI increased in tandem with the increase in the revenue, Distribution income decreased 2% to $231.1 million due to higher interest expense. And DPMO increased 2.1% in tandem with the distribution income to $7.681. Distribution, on June 30th of June, we paid an advanced distribution of 6.479 cents per unit for the period of 1st Jan to 5th June. So for the remaining period of 6th June to 30th June, a distribution of 0.998 cents will be made, and you will be receiving the dividends on the 4th of September. Moving on to investments, We completed the acquisition of DHL Logistics Center in Indiana Police in the U.S. in the first half. We also completed the redevelopment of One Science Park Drive. You are here today. And we completed a total development cost of about $1,884 million dollars. Very soon, Klon is set to add another $725 million of income-producing assets in Singapore, which is nine Taixing drives, data center, and five Science Park drives, business space property next door. So the total acquisition cost for the four properties comes up to almost $1.2 billion. If you recall, all these properties were acquired at attractive NPI yields of 6% and to as high as 7.6% for the DHL property. And they are all accretive and will contribute to our income stream in the long term. So this series you have seen before. Moving on to divestment. So this is new. We have divested Parkside Business Park business space property in the U.S. Portland for about $26.5 million. The property was sold at a 45% premium to market valuation. It was sold to an end-user. Capital Management, Jordan remains healthy at 37.4% after the equity fund raise in May. You will also note that the debt epidural numbers have also improved. And if you look at some of the numbers here, ICR is still very healthy at 3.7 times. And the cost of that remains stable at 3.7%.

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And on the debt expiry profile, we have about $6.7 billion worth of total debt. And you can see here they are very well spread out. So in the next three years, we have about 900 million or so due for refinancing per annum. Natural Hedge, we continue to have this high level of Natural Hedge for our overseas investment. So on a portfolio basis, it's about 76%. Okay, occupancy. The occupancy rate for the portfolio was stable at 91.8%. So this is on the right-hand side of the slide. The occupancy rate for Singapore was 91.2%. U.S., 87.3%. Australia increased to 93.1%. and UK Euro stable at 98.9%. So let's take a look at the details. In Singapore, the occupancy sped slightly to 91.2%, and this is mainly due to a non-renewal at an industrial property. When we look at, you know, within the Singapore portfolio, occupancy rates for the business-based properties and the logistics properties were stable. In the US, the occupancy declined 0.7% to 87.3%, and this is mainly due to an expiry of a lease in a logistics property in Kansas City, but offset by higher occupancy for a business park property in Portland. Australia improved by 3.9% to 93.1% driven by higher occupancy rates in Sydney. So we back to two logistics property and the tenants have signed long leases of five years, seven years in 94 Leonard Drive and 16 Kangaroo Avenue. As for 197 Coward Street, a business space property in Sydney, it also attracted a few new tenants. Occupancy rate improved from 85% to 94%. Overall, occupancy rates for both the logistics and business park properties have improved. In the UK and Europe, as usual, the occupancy remained high at 98%. 0.9%. New demand in the first half. For Singapore, the largest sources of new demand by gross rental income were the logistics and supply chain management industry. Many of these tenants are moving into our logistics properties. The next large source of demand in the first half is the IT and data center sector many are moving into our high specs industrial properties. And Education and Media is the next group. Many of them are also moving into our business-based properties. As for our overseas portfolio, the largest source of new demand was the logistics sector. Okay, rental reversion. For use renewals in 2Q, The first column, 2Q, at the last row, you will see 8%. So the total portfolio achieved a positive rental reversion of 8%. And if you were to look at the various geographies, so Singapore, 7.8%, U.S., 10.9%, Australia, 3.5%. For UK, Europe, we see a dash debt and that's because there weren't any lease renewals during the period. Well, stable at 3.7 years. On expiries, for the whole portfolio, all four geographies put together, we have a balance of 8.9% of rented income that will be due for renewal for the rest of the year. Okay. Currently, we are working on six projects, including one development, three redevelopments, and two AEIs. So these projects are scheduled for completion between 3Q2025 and 1Q2028. We will continue to add to this list, all right? So the last slide, in this uncertain economic situation, I think it will continue to be with us in the near future. However, we are confident to ride through this period, given our well-diversified portfolio, good tenant base, good operational management, and prudent financial management. So we will continue to adapt. to the changing market conditions. Thank you very much.